Sony Slashes 8,000 Jobs

Don't they know Obama wants to heap money on infrastructure?

(NEWSER) - Caterpillar Inc will cut 20,000 jobs—or 18% of its workforce—after posting a 32% drop in fourth-quarter income, the Wall Street Journal reports. “We were whipsawed in the fourth quarter,” said CEO Jim Owens. “Key industries were hit by a rapidly deteriorating global economy.” The manufacturer of heavy machinery is often seen as an indicator for various parts of the economy, particularly construction. More»

(NEWSER) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19% last week, and is down 68% on the year. The nation's fourth-largest bank says the moves will forward its goal of cutting expenses by 20% in 2009. More»

539K positions cut; jobless rate hits 8.9%, highest since 1983

(AP) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of economic uncertainty. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past. More»

$10M government program trains new agricultural force

(NEWSER) - As their country struggles with its worst recession since World War II, many Japanese city slickers stymied by the job market are trying out the farming life, the Wall Street Journal reports. Aiming to rejuvenate an industry in which two-thirds of full-time workers are 65 and older, the government has initiated a $10 million program to train 900 people in farming, forestry, and fishing. More»

Stay calm, be optimistic, or just go back to school

(NEWSER) - If you've gotten the ax or fear you're next, it’s time to prepare yourself without panicking, NPR reports. The American Psychological Association advises people to stay calm and make a financial plan to cope with tough times. "It's very hard, but try to stay focused in the present," one psychologist says. "It's a cliché, but it's really helpful right now to think about that." More»